KARACHI: The government kicked off 2019 with drug prices raised by between 9.0 percent and 15 percent to provide much-needed relief to the local manufacturers after massive rupee devaluation in recent months, an official said on Friday. Drug Regulatory Authority Pakistan (DRAP) said the current increase is due to 30 percent decrease in value of rupee
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KARACHI: Pakistan’s foreign exchange reserves dropped 1.74 percent, or $240 million, during the week ended January 4, the central bank reported on Thursday. The foreign exchange reserves stood at $13.597 billion, compared with $13.837 billion in the previous week.
The foreign currency reserves held by the State Bank of Pakistan declined $239 million
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ISLAMABAD: Pakistan is likely to grab $4.7 billion in credit facilities for oil and liquefied natural gas (LNG) imports from the United Arab Emirates (UAE) and a financial institution with a gulf nation’s deal expected to be concluded during an Emirati prince visit to the country on Sunday (tomorrow), senior officials said on Friday. The officials said Abu Dhabi’s
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ISLAMABAD: China has agreed to lend at least $2 billion to Pakistan for helping it boost its dwindling foreign exchange and tanking currency, the Financial Times reported. The report, quoting two senior Pakistan government officials, said the loan is aimed at helping with a weakening fiscal position and high debts.
“China’s promise to Pakistan is an indication

ABU DHABI: A month after Prime Minister Imran Khan's meeting with Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, the United Arab Emirates announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan to support its financial and monetary policy, Emirates News Agency said Friday. The Abu Dhabi
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A State Bank of Pakistan (SBP) official on Friday confirmed that a second $1 billion bailout package from Saudi Arabia had been received by Pakistan. SBP Spokesman Abid Qamar, confirming the development, said that the latest package had shored up the central bank's foreign reserves, hitting the $9.4bn mark.
The SBP spokesman added that another Saudi
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ISLAMABAD: The Pakistani rupee firmed to 136 to the dollar in volatile trading on Friday, market participants said, after the currency plunged to 143 in the morning. The rupee was trading at about 136 per dollar at 3.45 p.m (1045 GMT), down about 1.5 percent from its 134 level open, dealers said.
In the morning session, the rupee was down more than 6 percent
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MULTAN: Pakistan People's Party workers and lawyers have paid tribute to former PM Zulfiqar Ali Bhutto for giving political awareness to masses about their rights and drafting the 1973 Constitution. The tribute was paid at the cake-cutting ceremony in connection with the 51st foundation day of the party at Multan District Bar Association. The event was organised
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ISLAMABAD: Pakistan has extended talks with the International Monetary Fund (IMF) after the two sides failed to agree on the terms of a bailout package, a finance ministry official said on Tuesday, with a final deal now expected by mid-January. Pakistan is negotiating its second IMF bailout since 2013 and talks were expected to conclude this month during
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